Need help checking for (if) a scam and indicators i can explain to someone else
Hello,
today i've had a talk with a person who asked for technical support due to him having issues getting metamask up and running and connecting it to some sort of "Dashboard" from the project he wanted to join (or, to be more precise, he was kind of "recruited for"). I agreed and started to look into the issues but the more i saw about the project itself and overheard a phonecall with the woman who recruited him, i became more and more suspicious and i actually asked him about it and we began to talk about it and at quite an early point i had to admit that i was 99% sure that all of this was a scam and from there on we looked deeper and i also talked to that woman and after all of that i'm only even more convinced it's a scam.
The "project" is called "Five Pillars Token" and there are so many redflags imho... the numbers on CoinMarketCap do not add up, the whitepaper imho is not a whitepaper but just reads more like another marketing catalog. The whole appearance and the promises being made in addition to the whole "recruiting" part which is just screaming to be another scheme consisting of a pyramid scheme and lots and lots of techno babble to manipulate and convince especially interested people that do not have that much of a technical background for the whole cryptospace in particular.
With all of that being said, i would really love to get some help from people here who are \*way\* more in the know about the materia itself, especially because i would like to learn more, especially in "how to identify if it's a scam with an incoming rugpull" and how to distinguish projects that aren't.
The biggest red flags i think i have identified so far:
1. Recruiting Scheme included 2. Numbers regarding Coins in Cicrulation do not add up 3. 99% of the coins are held by the top 10 wallets 4. 100% burning pool rate 5. Coin being "backed" and gaining value over time due to backing of real estates and invests in rare metals like gold in silver. What's interesting though is that the Board leader of the company "Auvesta" which is used for the rare metal investmens is being present at real life events of the team of this coin. Imho he is abusing the reputation of his company to just lure more investors into this scheme and just gets his part of the cake for doing so. 6. Typical offering of Debit Cards, upcoming Marketplace and lottery and so on and on and on...
Link to CoinmarketCap:
[https://coinmarketcap.com/currencies/five-pillars-token/](https://coinmarketcap.com/currencies/five-pillars-token/)
UCNX Liquidity Lock [https://app.uncx.network/lockers/univ2/chain/56/address/0x26a6dd9e44b1a095bf64f96dd1351c0b6ff37100](https://app.uncx.network/lockers/univ2/chain/56/address/0x26a6dd9e44b1a095bf64f96dd1351c0b6ff37100)
Project Website itself: [https://www.fivepillarstoken.com/](https://www.fivepillarstoken.com/)
Page from the people who did recruit my acquaintance [https://ws-powerteam.de/](https://ws-powerteam.de/)
Unfortunately, he's already invested with quite some money because they lured him into this with success but i really hope that he still might be able to get at least part of his money back.
So after all: any help and inside knowledge would be really appreciated. Thank you all in advance for your time and effort!